Friday, July 22, 2016

Usdcad: A Rising Triangle Pattern

So much for Usdcad since price started the pullback from a long term bearish move. The bullish pullback started in early May with a 3-wave drive which ended in late late May, the first indication of a Flat corrective pattern or one of the complex corrections.

Since late late, Price has been in a confined zone: the triangle.

In the last article, it was posted that a contrasting triangle was expected. Read our last three forecasts on Usdcad HERE .

Price, since the last forecast, has not violated the triangle pattern. The pattern now is more like a rising triangle as shown by the chart below.

This pattern, now in the advanced stage, is the B wave of the larger 3-wave correction and if completed should break upside to complete the last leg of the correction.

Price is expected to dip to the e-wave of the triangle and stay within its area. This is a pattern we will be following in our trading room.

You can also join our skype room where we discuss very reliable patterns from the formative stage to the execution and exit. Join us HERE